Treasury Wine Estates boss Michael Clarke's salary increases to $2.2 million
The head of Australian-owned Matua wines is getting a half a million dollar pay rise, following the closure of its winery in Auckland.
Michael Clarke, the chief executive and managing director of Treasury Wine Estates (TWE), will now be paid a base salary of A$2.2 million ($2.4 million) per year - up from A$1.7m.
In a statement to the ASX, the board announced it had increased Clarke's remuneration, as there had been a "significant turnaround of the business over the past two years under his leadership and strategic initiatives put in place for future growth".
Chairman Paul Rayner said Clarke's global vision and leadership had been "critical to TWE achieving outstanding results".
"The board believes it is entirely appropriate to recognise this through an increase in his fixed remuneration".
The statement said his salary had not been reviewed since his appointment on March 2014, however, Clarke pocketed $4.45m for the year ending June 30.
That figure included his base salary of A$1.7m and a total cash incentive of A$3.23m.
In October last year, the listed company announced that close to 50 people will be out of a job with the closure of its Auckland winery and the shift of all production to Marlborough.
As well as the winery, it was also closing the Matua packaging and cellar door site in Waimauku.
Treasury Wine Estates produces wine in New Zealand under four brands - Matua, Secret Stone, Angle Cove and Squealing Pig.
The announcement of Clarke's new salary comes after the company posted a first half net profit of A$60.6m, up from A$42.6m.
The next review of his remuneration will be in September 2017.